CalHFA Contributes Vital Funds to Complete Ocean View Rehabilitation
Collaborative project preserves affordability for 100 senior housing
apartments in Pacifica
SACRAMENTO, Calif.–(BUSINESS WIRE)–A collaboration between the California Housing Finance Agency, local and
federal partners, nonprofit developer BRIDGE Housing Corporation and
other contributors has resulted in a sparkling renovation of Ocean View
Senior Apartments in the Bay Area community of Pacifica.
CalHFA, the state’s affordable housing lender, provided the project with
a short-term acquisition/rehabilitation loan of more than $18 million, a
40-year permanent loan of $9.35 million and a nearly $2 million
subordinate loan to finance the acquisition and renovation of the
property. In addition to these financial considerations, which helped
make the deal viable for the buyers and sellers, CalHFA helped move the
project toward completion by working with the U.S. Department of Housing
and Urban Development (HUD) to secure the waivers necessary to ensure
that all current residents could maintain their occupancy.
In an area that struggles with high rents and significant demand for
senior housing, CalHFA contributions extended the affordability of the
existing 100-unit Ocean View Senior Apartments for another 55 years.
“Working in conjunction with our housing partners like BRIDGE, San Mateo
County, the City of Pacifica and HUD, allowed us to maximize the
resources available for this project,” said Tia Boatman Patterson,
CalHFA Executive Director. “As a lender with a purpose, it is important
to us to help provide senior residents with safe and comfortable housing
with affordable rents for many more years to come.”
Ocean View Senior Apartments has provided affordable housing for seniors
in Pacifica since 1973. In 2000, National Church Residences of Pacifica,
CA purchased the property with financing from CalHFA, the City of
Pacifica and the County of San Mateo, thus maintaining its
affordability. Ocean View was purchased in October 2015 by an affiliate
of BRIDGE Housing Corporation, which oversaw the renovations to
modernize and update the property.
In addition to the CalHFA financing, the County of San Mateo
restructured two existing loans and provided new rental subsidies for 31
of the units. BRIDGE Housing Corporation also accessed a low-income
housing tax credit program to provide additional equity.
“Creative partnerships like this one will be vitally important as
housing entities around the state try to find ways to create and
preserve the affordable housing that so many people need,” Patterson
said.
The Ocean View collaboration made it possible to make upgrades to
residential units, replace aging building elements and switch to more
efficient and better performing systems, as well as, provide enhanced
on-site services, such as free nutrition programs, wellness classes and
referral services, all of which ultimately serve to enhance the quality
of life for the senior residents.
The California Housing Finance Agency was created in 1975 with the
goal of helping more Californians find a place to call home. CalHFA’s
Multifamily Division has invested more than $4 billion for the
construction and preservation of more than 60,000 affordable rental
housing units to assist very low and low income Californians. CalHFA is
a self-supported state agency that doesn’t rely on taxpayer dollars. For
more information on CalHFA programs, and how we are creating progressive
financing solutions for affordable housing in California, visit www.calhfa.ca.gov
or call toll free at 877.9.CalHFA (877.922.5432).
Contacts
CalHFA
Eric Johnson, 916-326-8601
ejohnson@calhfa.ca.gov
Fax:
916-322-2345
www.calhfa.ca.gov
